Crude oil prices remained near their recent peaks on Sunday as traders reacted to escalating geopolitical tensions. Ukraine's strikes on Russian oil facilities and attacks on tankers in the Persian Gulf heightened concerns over global energy supplies. Brent crude futures, the international benchmark, dropped $1.04 to settle at $108.82 per barrel, while U.S. West Texas Intermediate fell 26 cents to $101.15 per barrel.
The latest surge in oil prices comes amid heightened volatility in energy markets. Ukraine's targeting of oil infrastructure in Russia, including an attack on an oil terminal in Saint Petersburg, has disrupted supply chains. Meanwhile, reports of tanker attacks in the Persian Gulf have further fueled fears of potential disruptions to crude oil shipments.
Traders are closely monitoring these developments, as any prolonged disruptions could lead to further price spikes. The situation underscores the delicate balance between global energy demand and the risks posed by geopolitical conflicts.